I almost lester’d muh pants.

So with the IMF linking increased austerity to slower economic growth (and worse long-run debt thanks to investment cuts), can someone explain what the economic reason is to worry about the debt, instead of doing what we have historically always done and just grow the economy until it goes away? How does slashing spending/jobs help when there’s no sign that low rates are crowding out private money?

Lord knows Ed can’t produce anything to back up his claim.

Without that central political control over monetary policy, the Euro is a project with a very bleak future.

The best solution has always been not to join and if you were foulish to join, the sooner you leave the better off you will be.

After the gut-punch of last election, it’s been my mantra. I just don’t care anymore.

John the Libertarian on February 27, 2013 at 5:29 PM

I’m much the same way. I’m pretty much just a spectator of this bizarre circus.

Update: Speaking of bleak futures, Italy will have to pay more to borrow money in the immediate aftermath of their election:

If you can believe it, this has actually been touted as good news because the bond rates aren’t even higher!

The questions we all must ask are, “If not us, then who?” and “If not now, then when?” To which the universal answers seem to be “Somebody else” and “Later, baby!”

It’s not so much they don’t recognize the need for austerity, but that they – Look! Shiny squirrel!

The industrialized West (and Japan) have spent unprecedented sums on government-directed education of our citizens, resulting in masses of undereducated, self-centered, immature, lazy brats who want to be waited on hand and foot with no responsibilities which cannot be passed on to “someone else,” ever more dependent on ever bigger government.

Why am I not surprised?

Be patient with me.

OhEssYouCowboys on February 27, 2013 at 3:31 PM

After the gut-punch of last election, it’s been my mantra. I just don’t care anymore.

If you knew anything about the history of Italy you would know how difficult it was just to unite Italy. Italians are only loyal to their campanile (bell tower in their home town.)

There is a total distrust for ANY strangers.

Mental midgets suggested that Italy should join the EU. It was guaranteed to be an epic fail.

The Italian politicians also wrote the book on crony capitalism. In Italy any politician is lower than scum.

Italy just gave the EU the “Bunga Bunga”.

WisRich on February 27, 2013 at 3:56 PM

The EU courts tried to force Italy to remove God (Crosses) from their public square…literally…

Italy’s PM at the time Berlusconi told the EU Court to take a flying leap…

I’m not surprised by this recent turn of events…

Take a look at Article 58, below, and see how many of the “crimes” involve an economic excuse and the enemy – bourgeoisie/counterrevolutionaries:

Article 58

OhEssYouCowboys on February 27, 2013 at 3:54 PM

Now you’ve done it. You do realize that you’ve reminded the Enemy of the next step to take. I’m actually guessing that something along this line will start by the middle of summer.

As far as the EU is concerned, it is going to be interesting. They have a very short period of time to force through a total surrender of sovereignty to Brussels before economic reality takes hold. Not saying it cannot be done, but it cannot be imposed by brute force. It is going to have to involve some really fast tap-dancing and massive bribery of the political class in each country. Not saying at all that it is not possible, just that it is unlikely. These are, after all, European politicians who are arguably as corrupt as ours, and with more practice at betraying their countrymen.

The majority of American voters are nothing but EuroWeenies, anyway. And the biggest one of all is in the White House.

I don’t give a shit about Europe.

I don’t give a shit about sequestration.

I don’t give a shit.

OhEssYouCowboys on February 27, 2013 at 3:28 PM

I just want half of this country to turn to the other half and say, “I’m sorry, but this just isn’t working out. We need to go our separate ways and find ourselves. Goodbye, and I’ve already changed the locks.”

Article 58

OhEssYouCowboys on February 27, 2013 at 3:54 PM

That site is virus-infected.

It’s just that it’s therapeutic for me.
Be patient with me.
OhEssYouCowboys on February 27, 2013 at 3:31 PM

You may not realize.. those posts are therapeutic for a lot of folks.

The big question for any democratic republics is this: will voters who have spent their entire lives in a government-spending bubble willingly endure austerity for long enough to right their fiscal structures?

This phrase needs to be clarified–most of the countries in the Euro-zone are not republics, but parliamentary democracies, where the Executive branch (Prime Minister and Cabinet) derive their power from majorities in Parliament, which are frequently loose coalitions of two or more parties that may temporarily have enough common interests to share power. This means that the Executive branch can be thrown out if any party in the coalition abandons it and calls for a vote of no confidence. This leads to much more frequent power shifts than in a republic, where the Executive and Legislative branches have separate powers, and can be politically opposed to one another. Italy is famous for rapid power shifts, as it is rare for an Italian government to remain in power more than two years.

It’s unlikely that the Euro-zone can long survive in this environment, where legislatively sovereign countries share a common currency. Socialist countries that run large deficits and have expensive welfare systems can subsidize it by devaluing their currency, making exports cheaper overseas and attracting tourists to cheap vacations, IF they have their own currency.

But in a group of countries with a common currency, the more socialist countries ruin their own economies, while more fiscally sound countries are asked over and over again to bail out the weaker countries, fostering resentment on both sides. There are two possible solutions to the Euro-zone crisis: (1) Either the European Union becomes a single country, with a single elected government controlling fiscal and monetary policy for the entire European Union; or (2) Countries which cannot meet the requirements of the European monetary zone need to mint their own currency, whose value can fluctuate against the Euro, while maintaining fiscal sovereignty.

Option (1) is unlikely, because the national parliaments will jealously guard their sovereignty, and many attempts at a European “constitution” have gone down in flames in referenda. Option (2) is the less painful solution, but it will take humility for any government to admit that it failed the “Euro-test” and will need to re-mint its own currency, with a necessary transition time when people will be confused about the value of the new currency, and scammers may take advantage of the confusion.

P.S.

I’ve been posting “I don’t give a shit,” a lot, lately.

But I don’t mean to offend you good peeps, with my profanity, when I post it.

It’s just that it’s therapeutic for me.

Be patient with me.

OhEssYouCowboys on February 27, 2013 at 3:31 PM

No need to apologize. There are many of us out there who really, really don’t give a shit anymore. I’ve have come to realize that I am discovering much more about the 2 party system than I care to know. I guess it all ties in with the popularity of the Internet, blogs and the numerous cable shows on the airwaves. There is just too much information out there that is revealing the truth about the disconnect between the “average joe” and the elites in D.C. And it is not just contained in D.C. There are local and state governments running their systems as corrupt as those in D.C.

The sad truth is that the more things appear to change, the more things actually stay the same. Or if they change, they seem to change for the worse. I, for one, thought that staying informed and getting involved might bring about real, honest change in my country for the better, but I was sadly mistaken.

I now look to my much younger daughter and her husband. They don’t get involved with the false fantasy of “getting involved can make a difference.” They care not for Obama and his party, but instead get on with their own lives taking care of their 3 children and their careers. They will not allow the frustrations of politics get in their way of making progress for themselves. In other words, they don’t give a shit about what happens in situations they cannot change. They learned early on that there is no future in getting involved and caring. I’ll toast to that lifestyle anyday!

It’s Socialism, it always fails.

Lourdes on February 27, 2013 at 3:46 PM

And this is why the Soviet Union had Article 58, in their Criminal Code. Because they couldn’t admit the failure of Marxism and collectivism, there had to be a reason for economic decay and collapse.

Take a look at Article 58, below, and see how many of the “crimes” involve an economic excuse and the enemy – bourgeoisie/counterrevolutionaries:

Article 58